Snip ~ "The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector"
29/04/2011
Central Bank urges the government reform the tax system in the country
Baghdad, A central bank, the Iraqi government to sweeping reforms of the tax system and improve the performance of the Department of Taxes in the country.
The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency Friday, said that "the tax system in Iraq, not backward rise of the responsibilities granted by the Ministry of Finance, which cause great economic problems."
He added that "reforming the tax system in Iraq is aimed at creating an atmosphere of citizenship and removal of the conditional method, which is characterized by the device is evident in his handling of the tax with the citizens."
He said the "decline in hard currency to buy and sell customers come because of fear of government and private banks to deal with a state tax because of its decisions that lack of flexibility."
He revealed the Iraqi Central Bank on Thursday, a decline in hard currency sales from $ 150 million to $ 50 million a day because of the problems faced by clients in the private banks and government disclosure concerning the tax.
He continued that "there are several problems facing the advancement of the tax in Iraq, most notably the tax system in Iraq Aerai economic changes taking place in the country, which increases the momentum of economic problems."
He revealed the CBI alleged that the value of tax to balance in 2011 amounted to 2.7 trillion Iraqi dinars.
The sector has witnessed in Iraq, taxes nearly ceased in recent years because of the economic turmoil in Iraq and the security situation, the tension which led to limit the tax system on the sector staff, merchants and traders only.
And select the CBI 250 billion dinars as a minimum for the establishment of private banks in the country.
The House of Representatives its first session legislation to the Banking Act in 2007to organize the work of private and state banks.
And the central bank of Iraq last February that he would give the number of licenses to establish private banks confirmed that the increase in banks will enhance the economic role of the country.
He denied the central bank in June 24 that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance down.
The total capital of Iraqi private banks one billion and 600 million dollars now, other than bank branches owned by Arab and foreign companies operating in the country.
The CBI said, last Wednesday, that high inflation is 0.01 a month in November, compared with this last month will not affect the value of the Iraqi dinar.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
http://www.aknews.com/ar/aknews/2/235708/
